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Nonchalant Company owned three investment properties with the following details: Initial cost Fair...

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Nonchalant Company owned three investment properties with the following details: Initial cost Fair value Dec 31, 2020 Property 1 2,700,000 3,200,000 Property 2 3,450,000 3,000,000 Property 3 3,300,000 3,900,000 Fair value Dec 31, 2021 4,000,000 2,100,000 3,600,000 Each property was acquired in 2020 with a useful life of 10 years. The accounting policy is to use the fair value model for investment property What is the gain or loss to be recognized for 2021? a. 900,000 loss b. 400,000 loss c. 650,000 gain d. 300,000 loss

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